A technical glitch has affected traders on Zerodha and Groww, the biggest stock broking platforms in India, early on Monday. The benchmark indices touched record-high levels after the exit polls predicted a third term for BJP-led NDA in the Lok Sabha elections. The users are facing trouble accessing Kite Web and its website is offline.
Several users posted about the issue on the social media platform X, formerly known as Twitter.
“We're experiencing difficulties connecting with CDSL on the Zerodha app, which means I can't sell my stocks right now. It seems to happen on the most crucial days,” a user said.
“Couldn't sell or buy for first some minutes in @_groww. Still happening for some. Lost some trades because of this. @_groww. please fix this,” a Groww user wrote.
Groww replied to the issue on X by stating our depository partner is facing issues in verifying sell orders with TPIN. As a result, some of our users are facing problems while placing sell orders. Their team is working to resolve this as soon as possible.
“We are in touch with them to get a resolution asap. Please bear with us, we will update as soon as it is resolved,” Groww wrote on X,” the company added.
Indian stock markets rallied over 3 per cent on Monday following exit polls predicting a sweeping victory for BP. The BSE Sensex and Nifty 50 touched record-high levels of 76,738.89 and 23,338.70, respectively. BSE Midcap surged nearly 4 per cent and BSE Smallcap gained over 2 per cent in the broader market.
While CDSL website’s outage appears to be due to the high volume of trades taking place today.
The two primary securities depositories in India are National Securities Depository Limited (NSDL) and CDSL, or Central Depository Services Limited.
The issue is said to be fixed now and traders can place sell orders from their holdings.
“The issue is now resolved. You can now place sell orders from your holdings,” Groww updated on their official X account.
However, there is no update for Zerodha users yet. The company responded to individual user complaints on X suggesting ‘hard refresh’ or other solutions.
The app suggested users to skip CDSL authorisation to sell their holdings until CDSL resolves the authorisation issue.
Notable, both the apps account for combined 42% investor base of brokerage firms on the NSE.
